Friday, June 08, 2012

News Links, June 8, 2012

## Global Ponzi meltdown/House of Cards ##France eyes layoffs clampdown as unemployment climbs
"France's new Socialist government is planning labor regulations in the coming months to ramp up the cost of laying off workers for companies, its labor minister said on Thursday after data showed the jobless rate has hit 10 percent."

"As France's new president, François Hollande, tackles the many challenges posed by the deepening euro-zone crisis, from Spain's troubled banking system to Greece's potential exit from the currency union, here's the latest: Many municipalities can't fund their investment projects."

Pakistan heading towards economic collapse: experts
"KARACHI: Pakistan is heading towards economic collapse and immediate measures are needed to avert such a situation, said experts at a post-budget 2012/13 seminar organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP) on Tuesday night."

Iran and Iraq: Battle of the ayatollahs
"In the wake of the U.S. withdrawal from Iraq, Iran is stepping up plans to dominate its western neighbor and longtime adversary, and a key project is to ensure the holy city of Najaf in Iraq doesn't reclaim its status as the spiritual center of Shiite Islam."

"South Korea said Thursday it plans to hold a nationwide drill later this month as a means to prevent being hit by any blackouts during the super-hot summer season when electricity demand is expected to set a fresh record high."

Fuel shortage hits the East
"With Indian Oil Corporation cutting diesel supply to eastern part of Nepal on a massive scale, about 90 per cent of the petrol pumps operating here have closed.
"So far, about 350 petrol stations have shut after they did not receive diesel for over one week, leaving the transportation sector, industries and factories completely at the receiving end."

World food price index expected to fall for May
"World food prices are expected to have fallen in May for a second month, easing inflation and food security concerns, as intensifying worries about a slowing global economy and euro zone debt led to a sell-off in grains and other commodities."

Greek crisis creates medicine shortages
"Greece's highly uncertain future has forced businesses into a quasi hand-to-mouth existence, with one of the most alarming effects a shortage of medicines, including for the seriously ill."